Greystone Housing Impact Investors LP and BlackRock Impact Opportunities form Joint Venture to Provide Financing for the Construction and/or Rehabilitation of Affordable Housing Across the US

OMAHA, Neb., Oct. 17, 2024 (GLOBE NEWSWIRE) -- Greystone Housing Impact Investors LP (NYSE:GHI) (the "Partnership") today announced the formation of a joint venture (the "Joint Venture") with BlackRock Impact Opportunities ("BIO"), to invest in loans which will finance the construction and/or rehabilitation of affordable multifamily housing properties across the US.

According to the National Low Income Housing Coalition, the US has a shortage of 7.3 million affordable housing units for renters with extremely low incomes.[1] The Joint Venture aims to assist in addressing this deficiency by providing construction financing solutions that increase the supply of affordable multifamily housing units nationwide. The Joint Venture will seek to make available approximately $500 million of gross financing for properties in undercapitalized communities.

"We are pleased to partner with BlackRock Impact Opportunities to scale and expand our construction loan investments portfolio," said Kenneth C. Rogozinski, CEO of the Partnership. "The strategy and objectives of BlackRock Impact Opportunities are closely aligned with those of the Partnership, and we believe that together we can deploy capital to increase the availability of affordable multifamily housing in underserved areas while achieving attractive risk-adjusted returns for our respective investors."

Brian Mwarania, Senior Investor for BlackRock Impact Opportunities said, "We are proud to partner with Greystone Housing Impact Investors LP. Our new Joint Venture aims to address the acute shortage of high-quality affordable housing across the US through innovative construction financing solutions. We look forward to working closely with the Partnership to structure compelling investments that achieve our clients' social impact objectives."

The Partnership has deep ...